MANILA -- The government has to do more in the next five years by building on all its initial gains to push for effective and transformative development initiatives, President Ferdinand R. Marcos Jr. said in his 2024 Budget Message to Congress.
“For the next five years, we must do more, building on all the gains that we have made—through the whole-of-government and whole-of-society approach. We need this not only to be effective but to be transformative,” Marcos said in his Budget Message as he submitted the 2024 National Expenditure Program (NEP) to the lawmakers last Wednesday, August 2.
According to the President, the government confronted strong headwinds in its path towards economic recovery last year, among which was inflation, which prompted the economic managers to formulate the Medium-Term Fiscal Framework (MTFF) to strategically address those issues.
Supported by the two Houses of Congress, the MTFF now serves as the bedrock of the administration’s plan for economic transformation, with the initial result inspiring confidence to relentlessly pursue the nation’s aspiration of peace and progress.
Marcos said that the MTFF lays down clear, measurable and realistic macroeconomic and fiscal targets.
These include 6.5 to 8.0 percent gross domestic product (GDP) growth annually between 2023 to 2028; 9.0 percent or a single-digit poverty rate by 2028; and, 3.0 percent National Government deficit to GDP ratio by 2028.
Also part of the measure is attaining less than 60 percent national government debt to GDP ratio by 2025; and, at least US$4,256.00 gross national income (GNI) per capita, or the attainment of upper middle-income status by 2025.
The Php5.768 trillion proposed national budget is equivalent to 21.7 percent of GDP, and 9.5 percent higher than the FY 2023 General Appropriations Act (GAA) amounting Php5.268 trillion.
The proposed budget seeks to provide the necessary funds for the operations of government and for the continuing pursuit of the plan for economic transformation, as embodied in the Philippine Development Plan (PDP) for 2023 to 2028.
The Department of Budget and Management (DBM) also said this week that the proposed 2024 national budget aims to strengthen the public’s purchasing power amid rising fuel prices and in the aftermath of recent calamities.
The 2024 budget seeks increased funding for agriculture and agrarian reform, along with other related agencies under the Department of Agriculture (DA), reducing logistics and transport costs, funding renewable energy initiatives, and widening social protection coverage.
The President also mentioned in his Budget Message that, as framed by the administration’s 8-Point Socioeconomic Agenda, the Philippine Development Plan (PDP) for 2023 to 2028 essentially aims to achieve the country’s long-term vision through the two-pronged strategies of strengthening the capabilities and protecting the purchasing power of the people, as well as enhancing the production sectors to generate quality jobs and competitive products.
In turn, these strategies are to be supported by an enabling environment characterized by macroeconomic stability, infrastructure development, bureaucratic efficiency, strong rule of law, and effective climate action, the chief executive said.
Expressing optimism about the country’s transformative journey, the Bagong Pilipinas, President Marcos said, “Our journey has just begun. We will continue to work closely with the private sector, and other branches of government, especially with Congress for the vital pieces of legislation that are needed along the way. We will march on—one nation, one people building a better future together.” (PND)
